Mrs. Oyunchimeg, 48, makes shoes in the ground floor of her building and sells them to customers. She has been running her business since 1997, and she has gained a lot of experience in her business. Initially she started her business with just 200,000 MNT. Now she has three employees and everyone’s salary is determined by their output.
It costs about 5,000 MNT to make one pair of shoes. Currently, she has two big consumers, and there is a big enough market place for supplying the shoes.
The loan will be used to renovate her workshop to improve her current working conditions. She also needs money to buy raw materials and equipment to increase her output.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.